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Jacuzi Farm Irrigation Manufacturing Company had the following transactions during the month of June 2022: 1. Purchased raw materials on account, $83,605. 2. Raw Materials
Jacuzi Farm Irrigation Manufacturing Company had the following transactions during the month of June 2022: 1. Purchased raw materials on account, $83,605. 2. Raw Materials of $73,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,225 was classified as indirect materials. 3. Factory labor costs incurred were $227,810 of which $201,340 pertained to factory wages payable and $26,470 pertained to employer payroll taxes payable. 4. Time tickets indicated that $186,200 was direct labor and $41,610 was indirect labor. 5. Overhead costs incurred on account were $238.740. 6. Manufacturing overhead was applied at the rate of 140% of direct labor cost. 7. Goods costing $52,250 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $116,510 to manufacture were sold on account for $202,300. 9. At the beginning of June, work in process inventory was $63,465. Instructions and a Hint: 1. Using Word or Excel, journalize in proper journal entry form, the above transactions for Jacuzi Farm Irrigation Manufacturing Company, you do NOT need to provide explanations. 2. Use the quiz submission module to upload and submit your quiz solution. Do not forget to view you uploaded quiz document and correct any issues with format or page breaks before submitting. Hint: in this quiz the company had a beginning work in process inventory as noted in #9 above, the practice quiz did Not have a beginning work in process inventory since it had just started in business. Therefore, be sure to take into account the beginning work in process inventory in #9 above when doing this quiz
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